Viet Nam’s bilateral relations extend beyond Free Trade Agreements (FTAs) to encompass partnerships that foster deeper trade and economic cooperation. This has positioned Viet Nam as a valuable player in the global supply chain, offering increased investment opportunities and strategic ties to global economies.
In 2023, Viet Nam further strengthened its ties with international partners by establishing Comprehensive Strategic Partnerships with the United States and Japan, while also deepening cooperation with China. Currently, Viet Nam has established 18 Strategic Partnerships with countries worldwide, with six of them (China, US, Russia, South Korea, Japan, India) being Comprehensive Strategic Partnerships. These partnerships aim to deepen cooperation and trust to the highest level.
Embracing high-value growth and sustainable development
Viet Nam is firmly committed to achieving high-value growth and sustainable development, driven by a recognition that climate change poses a significant threat to the country’s economy and progress. Viet Nam is already witnessing the adverse effects of climate change, including rising sea levels, more severe and frequent storms, and droughts.
The government has set dual long-term goals: becoming a highincome country as well as committing to a target of net zero by 2050. This commitment is accompanied by national strategies, policies, and plans to foster high-value growth and green investment. At the same time, the country is actively collaborating with international organisations to meet global sustainability goals and find support for the green growth transition. Recently, there is a growing focus on technological innovation, renewable energy and eco-friendly infrastructure projects. This unique combination of economic growth and sustainable development positions Viet Nam as an appealing destination for foreign investors seeking to make a positive impact while also achieving great returns. While Viet Nam needs to sustain its GDP growth, the country faces constraints in terms of both labor and capital, and will require substantial improvements to its domestic innovation capabilities to achieve productivity-driven gains.
Source: VCCI
